General Terms & Conditions
0. The Important Bits
This section contains the parts of the terms and conditions which result in the greatest misunderstandings. You must read the whole terms and conditions but we would like to draw your attention to the following points.
1. You must supply your real name. Accounts created using fake names etc will be closed without warning. (Terms 6.2)
2. You must be over 18 to use Solidi. Persons under the age of 18 wishing to trade must contact us first. (Terms 6.4)
3. You must make payments from an account in your name. (Terms 6.5.3)
4. You must not create more than ONE account without seeking prior permission from Solidi Support. (Terms 6.3)
5. You must trade only with your own money. (Terms 6.6 and Terms 6.7)
Violation of the above terms will result in your account being suspended pending satisfactory ID verification. In some cases accounts will be closed and details passed to the relevant third parties to prevent fraud.
1. About these Terms & Conditions
1. Solidi P2P (the “website”) is an online service/platform owned and operated by Solidi Ltd.
2. The Platform enables Users to trade (buy and sell) Bitcoins and other digital currencies directly with each other (similiar to Ebay). We are not a party in the order, trade or settlement and only match Orders, generate Trades and arbitrate in disputes through the provision of records.
3. These terms apply to use of any part for the Solidi Platform.
4. These terms should be read in conjunction with the following additional Terms / Policies as both will apply.
2. Trading Terms and Conditions
3. AML Policy
5. By using the Platform you are confirming that you are:
1. able to understand these terms and conditions.
2. accept these terms and conditions.
3. agree to abide by these terms and conditions.
4. are over the age of 18 (or older depending on the Age of Majority in your country)
6. We may make alterations to these term and conditions from time to time. We may notify you of key changes to these terms and conditions.
1. In these Terms and Conditions the following Definitions are taken as:
“account” – means an account of a User which is created when the user registers with the platform.
“asset” means any item traded on the website. This would normally be a digital currency, but is not limited to this.
“AML” means Anti Money Laundering. It is the process of detecting assets (including money) generated from the proceeds of criminal activity.
“Counterparty” means the User who take the opposite side to You in an executed Trade.
“Customer”, “your”, “you” means a User of the Platform (either registered or unregistered)
“Digital Currency”, “Crypto Currency” means units of monetary value which are unique and unforgeable including (but not limited to) currencies such Bitcoin, Litecoin, Dogecoin.
“Order” means an electronic order made by a User who wishes to trade an asset.
“Platform”, “Online Service” means the website (“solidi.co” and all subdomains), API, trading platform, mobile applications owned and operated by Solidi Ltd.
“Solidi”, “Solidi P2P”, “Solidi FX”, “we”, “us”, “our” are references to the trading name “Solidi P2P” of Solidi Ltd a limited company incorporated in England & Wales (reg no 09411526) with registered address at 27 Old Gloucester Street, London, WC1N 3AX.
“trade” means an agreement between two users to exchange a quantity of an asset at a fixed price.
“settlement” means the exchange of an asset or money between two users to settle a debt resulting from a trade.
“user” means an individual or corporate entity who uses the platform and is bound by these Terms and Conditions.
“user content” means content generated by users of the Platform including (but not limited to) orders, prices, comments, settlements and any other information generated by a User or their interaction with the site.
3. About “Solidi P2P”
1. Solidi P2P is the trading name of Solidi Ltd a limited company incorporated in England & Wales (reg no 09411526) with registered address at 27 Old Gloucester Street, London, WC1N 3AX
2. Solidi Ltd is registered with HMRC with registration number under the Money Laundering Regulations 2007 as a Bureau de Change
3. Solidi Ltd is registered with the Information Commisioners Office with registration number ZA142009.
4. Solidi Ltd operate the Platform which matches Users buy and sell Orders, generating Trades and Settlements.
4. Rights of Use
1. You have the right to use the Platform solely for the purpose of trading Digital Currencies in accordance with our Trading Terms.
5. Intellectual Property
1. Unless otherwise stated, all copyright, design rights, trademarks, patent rights, database schema, database content, source code, compiled code and any other intellectual property belong to and vest in us or are licensed to us.
2. All third party trade names, trade marks, design rights are the property of their respective owners and no warranty or representation is made or implied in relation to them.
6. Restrictions and Obligations
1. You will not:
1. hack, crack, copy, modify, reverse engineer or create derivative works of this Platform or any part of it;
2. gain unauthorised access to any part of this Platform;
3. disclose your login credentials to any third party;
4. use identical login credentials as used on other platforms;
5. remove copyright, trademark or any other notices from this Platform;
6. create software which replicates the data or functionality in this Platform;
7. make any part of this website available to a third party;
8. use the Platform for any illegal or immoral purpose;
9. use the Platform in such a way as to adversely affect the Platform or the users of the platform including, but not limited to, spamming, marketing, excessive use and denial of service attacks.
10. attempt to do any of the above
2. You agree to supply your REAL NAME. You are not permitted to use aliases, fake names, aka's etc.
3. You agree to maintain only ONE account on Solidi unless otherwise agreed with Solidi Support in writing.
4. You are the older of:
1. 18 years of age or
2. Age of Majority your country of residence.
5. You will make payments in line with the following:
1. You will use the UK Faster Payments System.
2. You will use a UK bank account.
3. You will use a bank account in your name.
4. You will only use a single account to make payment unless you contact support with the details of any additional accounts.
6. You will not make payments on behalf of anyone else.
7. You will only trade with your own money. You agree there is no beneficial owner.
7. Liability and Disclaimer
1. We provide and maintain the Platform on an "as is" and "as available" basis without any warranty or condition, whether express, implied or statutory.
2. We assume no liability or responsibility for any errors or omissions, delays, or failures in the Platform.
3. We do not verify or review any third party content (“User Content”) made available through the Platform.
4. Views expressed in User Content are those of the user and not those of Solidi Ltd.
1. Without limiting any other rights we may have, we may immediately cancel or suspend access to the Platform at any time without prior notice.
2. We may cancel or suspend your access to the Platform should we in our opinions believe you have breached any of these terms and conditions.
3. We will endeavour to cancel all outstanding orders promptly, but we will hold no liability whatsoever for the final position.
1. If you feel we have not met your expectations in any way, please let us know so that we can tackle the problem as quickly as possible. We have a three-step procedure to resolve your concerns.
1. Tell us about your complaint and how you feel it should be resolved by contacting us using any of the methods on the Contact Us page (http://www.solidi.co/contactus). We will endevour to resolve your complaint by the end of the third working day after you contact us. If we cannot do this then we will write or email you within five working days to tell you what we have done to resolve the problem or to acknowledge your complaint and let you know when to expect our full response.
2. Follow up with us and if needs be ask for the matter to be referred to a senior member of staff.
3. If you disagree with the decision we make then you may be able to refer your complaint to the Financial Ombudsman Service free of charge.
10. Governing Law and Dispute Resolution
1. These Terms & Conditions and the Solidi P2P Platform are governed by the laws of England and Wales. All parties irrevocably agree that any dispute shall be settled under the exclusive jurisdiction of the English Courts and submitted to an English Court in Cambridge.
2. If any court or competent authority decides that any term of these Terms and Conditions is held to be invalid, unlawful or unenforceable to any extent, such term shall, to that extent only, be removed from the remaining terms, which shall continue to be valid to the fullest extent permitted by law.
3. Failure to enforce any part of these Terms and Conditions share not constitute a waiver of that or any other condition which may be enforce at any future juncture to it’s fullest extent.
v1.04 Oct 2018
1. “Solidi P2P” is the trading name of a person to person trade matching service, provided at solidi.co and subdomains (hereafter referred to as the “Platform”) provided by Solidi Ltd (referred to as “we”, “us”).
2. We are committed to protecting your privacy when you use our Platform or communicate with us. This document describes how and when we collect, use and disclose your information.
3. This document should be read in conjunction with our Terms of Service. Definitions in the Terms of Service apply equally to this document. They are separated to create clarity.
4. For the purposes of the Data Protection Act 1998 (the Act), the Data Controller is Solidi Ltd of 27 Old Gloucester Street, London, WC1N 3AX. Our registration number is ZA142009
2. Personal information collected about Users
1. Basic Information: When registering as a User we will collect some of the following information: name, email, address, postcode, phone number, bank account details, digital currency wallet details.
2. AML Information: Depending on your usage level and patterns we may also request you provide information so that we can meet our AML / KYC obligations. These details may include (but are not limited to) a proof of address and a proof of identity such as your passport and a utility bill.
3. Trading Information: When you create an Order, execute a Trade or perform a Settlement we will store appropriate details to perform this function including but not limited to date, time, IP address, quantity, price, counterparty, order type, execution type.
4. Security Information: For your protection, the security of the Platform and to improve the Platform we may collect IP addresses, information about your browser and host device through which you access the Platform, browsing habits, click locations.
5. Optional / Research Information: We may from time to time ask for your opinion via methods including but not limited to surveys, feedback forms.
3. Use of personal information
1. We use personal information for the following purposes:
1. to operate the Platform and grant You access to the Platform
2. to verify your Identity as required by AML legislation
3. to detect fraud and other malicious activity
4. to test the platform based on the same or similar setup and usage habits of our Users.
5. to send out Newsletters, Surveys and other relevant targeted promotional material.
6. to publish anonymised trade information about the Platform including Trade flow.
7. to provide prices of the most recently executed trades.
2. Our Lawful Processing Condition(s) under General Data Protection Regulations (Article 6, Section 1) are:
1. Consent - the data subject has given consent to the processing of his or her personal data for one or more specific purposes
2. Performance of Contract - processing is necessary for the performance of a contract to which the data subject is party or in order to take steps at the request of the data subject prior to entering into a contract
3. Compliance with Legal Obligation - processing is necessary for compliance with a legal obligation to which the data controller is subject
4. When might we disclose personal information?
Except when required by any applicable law or governmental, judicial or regulatory body we will not disclose your personal information to any third party, with the following exceptions:
2. To enable Solidi Ltd to instruct an appropriate third party to perform AML / KYC checks, including Identity Checks, we may disclose your Basic and AML Information.
3. To enable the prevention of fraud. In cases where fraud is suspected (such as when an account is in violation of our General Terms and Conditions and/or Trading Terms and Conditions) we may exchange information with third parties.
4. To enable sending of email / bulk information we may disclose your details to a third party.
5. To enable the operation of our helpdesk and ticketing system we may disclose your information to a third party.
5. Service Announcements, Newsletters and other communications
1. From time to time we may send out service announcements, newsletters and other communications.
2. It is a condition of using the platform that you receive and read Service Announcements.
3. Newsletters and Other Communications are optional, opt-in and can be unsubscribed from at any time.
2. The Platform is designed to work with Cookies enabled and may not work correctly with Cookies disabled.
7. Storage of Personal Information
1. All data is stored securely on our servers and encrypted before transmission.
2. Where appropriate, data is securely encrypted online and only decrypted offline e.g. AML Information
3. We only store data on servers which we require to make the platform function. e.g. AML Documentation is not stored online.
4. We may from time to time need to move your data onto systems outwith the EEA. When we do so, we will anonymise your data where appropriate.
1. We will only store your data as long as it is needed to perform our duties under the folowing legislation:
- UK Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017:
- Money Laundering Regulations 2007 (SI 2007 No. 2157)
2. Specifically we are required to store your information for five years beginning from:
- the date a business relationship ends
- the date a transaction is completed
9. Your rights & Access to your Information
1. Your personal data is protected in the UK by the Data Protection Act 1998. This provides amongst other things that the data we hold about you should be processed lawfully and fairly. It should be accurate, relevant and not excessive. The information should, where necessary, be kept up to date and not retained for longer than is necessary. It should be kept securely to prevent unauthorised access by other people. You have the right to see what is held about you and correct any inaccuracies.
2. The Data Protection Act 1998 gives you the right to access information held about you. In accordance with the Act you may request access to your data at any time. An initial access request will be processed with no charge. Repeated or regular requests may be subject to a reasonable administration fee. Please email email@example.com where we will be pleased to send you a Digital Currency wallet address or Bank Details to make payment.
1. If you have any questions, please do not hesitate to contact us at firstname.lastname@example.org
v1.05 May 2018
Trading Terms & Conditions
1. “Solidi P2P” is the trading name of a person to person trade matching service, provided at https://www.solidi.co and subdomains (hereafter referred to as the “Platform”) provided by Solidi Ltd (referred to as “we”, “us”).
2. We are committed to providing the best Digital Currency Trading Platform. This document describes how our Trading Platform works and the rules which apply to using the Trading Platform..
3. This document should be read in conjunction with our Terms of Service. Definitions in the Terms of Service apply equally to this document. They are separated to create clarity.
2. High Level Overview
1. “Solidi P2P” is a person to person matching service. It matches Orders made by Users of the Platform who wish to either Buy(Bid) or Sell(Ask) a Digital Currency or other Asset.
2. “Solidi P2P” is not a party in the trade other than by way of matching orders to generate trades and acting as an Escrow agent for the Digital Currency side(s) of trades.
3. It is the responsibility of the users arrange for Settlement (payment) of the trade to take place in a mutually agreed manner.
1. For the safety of it’s Users, Solidi P2P acts as an Escow agent for the Digital Currency side(s) of all Orders and Trades.
2. Solidi P2P will hold a corresponding amount of Digital Currency equal to or greater than that raised in an Order.
3. When both Users agree that a Trade has been settled, Solidi P2P will release the appropriate escrowed Digital Currency to the appropriate User in the Trade.
1. Orders are
1. a Users intention to buy or sell a specific quantity of Digital Currency.
2. legally binding once received by the Platform.
3. remain live on the Platform until filled or cancelled.
4. executed in realtime.
2. Orders are submitted to the Platform where they will be matched with opposing Orders of the same price.
3. Orders remain on the Orderbook until they are matched against an opposing Order or until their User Cancels them.
4. A User can Cancel an Order, but they are still legally liable for any Trades created from that order until they receive a cancelled confirmation.
5. Users acknowledge that as a realtime platform, the status of a live Order displayed to the User is it’s status at the time the Platform generated the response (e.g. webpage) and may not be it’s current status (e.g. when attempting to cancel).
6. Users acknowledge that even if an Order appears to be unmatched / unfilled when they cancel it, in the time (typically milliseconds) it takes a cancel instruction to reach the Platform the Order may have matched / filed against an opposing Order, resulting in Trade Executions for which they will be legally liable.
1. Trades are:
1. Generated as a result of two opposing Orders matching.
2. Matching Orders need not necessarily be of the same quantity but will be for the same unit price / rate.
3. Are a legally binding contract between two Users to exchange a specific quantity of Digital or Fiat Currency for a specific quantity of Digital or Fiat Currency.
4. Cannot be cancelled.
5. Must be Settled promptly, generally within 2 hours.
2. Users may get multiple trades per order although the platform is designed in such a way that only Advanced Traders and Market Makers should have to deal with this.
6. Settlements & Payments
1. Settlements are:
1. The process of indicating that a User has made a payment towards a Trade.
2. Created for each Trade to show the current status of the payment for the Trade.
3. Initially in an UNPAID state and will progress SENT, RECEIVED, COMPLETE.
2. When a User sends a Payment for a Trade they mark the Trade as Paid. This updates the Settlements status to SENT.
3. When a Counterparty User receives a Payment for a Trade they mark the Trade as Received. This updates the Settlements status to RECEIVED.
4. Any Escrowed Payments are Settled last, automatically, by the Solidi P2P Platform when all non escrowed payments have been marked as Received.
5. Users must adhere to the time constraints imposed during settlement to ensure the smooth and efficient operation of the platform.
7. Incomming Payments
0. An incomming payment is a payment sent from a customer to a Solidi broker.
1. A payment is defined as 'ontime' when it arrives in the correct brokers bank account within 2 hours from the point the customer clicks on 'I have Paid' or 2.5 hours from the initial order being made (whichever is shorter), for the correct amount, with the correct reference and the correct sender name.
2. A payment which is not 'ontime' is considered as 'late'.
3. Late payments include but are not limited to:
1. Incorrect Reference
2. Incorrect Amount
3. Incorrect Sender Name
4. Sent as multiple payments
5. Arrived outwith the max 2h / 2.5h payment window
4. In all circumstances Solidi will request the broker to accept the payment, but the broker is not obliged to.
5. In cases where the broker will not accept the late payment the customer will be offered the option of:
1. Creditted currency at the brokers current rate (if they have sufficient funds).
2. Refunded within 24 hours (Mon-Fri) in line with Faster Payments terms and conditions.
6. Repeated late payments may result in a standard fee (see FEES .6) being charged or the account being temporarily suspended or closed.
7. Refunded payments will be free if they can be sent by Faster Payments. Any other method will may incur a standard fee (see FEES .6) plus the cost of sending the payment - e.g. if the payment is from an international bank account then the charge would be the Standard Fee plus the cost of the International Payment.
8. Outgoing Payments
0. An outgoing payment is a payment sent from a Solidi broker to a customer.
1. Customers can choose whether to have the payment sent instantly or within 8 hours. This is the time period for the payment to be sent and does not guarantee the time within which a payment will be received although normally this will be instantly.
2. Solidi's brokers agree to send payments on a 'best endeavour' basis and will not be in breach of contract should they exceed the stated time period.
3. For the avoidance of doubt, with outgoing payments the fluctation of the price of the underlying asset has no bearing on the sell contract regardless of the period between trade execution and settlement sending or receipt.
4. Late Payment rules do not apply to Outgoing Payments as brokers always complete outgoing payments.
9. Deposits & Cold Storage
1. Deposits are amounts of currency held by Solidi on behalf of its users.
2. All deposits are converted to a balance on receipt and held in our database as liability on Solidi Ltd for the same amount of depositied currency.
3. Deposits are held in cold storage for customers security.
4. Solidi will process most withdrawals from the company owned hot wallet without requiring a specific withdrawal from cold storage.
5. Frequent Deposits
1. Frequent deposits are defined as deposits which are being made frequently and possibly also in conjunction with withdrawals with no 'buying' or 'selling' activity.
2. Deposits in Crypto Currency come with a cost which is normally covered by Solidi, but if in our opinion your deposits are of a level which we find unsustainable we may start applying a charge equivalent to the network fee to your account to cover the costs of the deposits.
6. Spam Deposits
1. Spam deposits are defined as deposits which in the opinion of Solidi have no useful purpose and were only conducted to increase the costs of Solidi.
2. Examples of spam deposits include but are in no way limited to:
1. Multiple small deposits made in a short period.
2. Transactions where multiple outputs are used to create multiple deposits to Solidi for no apparent reason.
3. When Solidi detects spam deposits we may at our sole discretion sweep the multiple small deposits into a single output using a standard priority transaction.
1. In such circumstances the cost of the transaction would be charged to the customer.
2. If the cost of such a transaction exceeds the deposited funds then the deposited funds would be forfeited.
3. In all instances a charge set out in the FEES section will be levied to the account.
1. Withdrawals are amounts of crypto currenty send by Solidi on the instruction of its customer.
2. Withdrawals are sent on a best endevour basis in the time specified. This specified time is the time period for the withdrawal to be sent / broadcasted to the crypto network and does not guarantee the time within which the funds will be confirmed by the network or received by the recipient.
3. From time to time it may not be possible to send withdrawals within the timeframe specified. In such circumstances Solidi will hold no liability for any delay or loss incurred.
4. Examples of when withdrawals may be delays includes, but is not limited to:
1. Security checks.
2. Hot wallet being restocked.
3. Incorrect address being supplied.
5. Solidi will process most withdrawals from the company owned hot wallet without requiring a specific withdrawal from cold storage.
6. Occasionally Solidi may have to withdraw funds from cold storage to process a withdrawal. This is done on a 'best endevours' basis and places no guarantee on the withdrawal period.
7. Specifically the customer agrees that if they partake in an ICO, Solidi will hold no responsibility for the timely delivery of funds to the ICO and that should they require delivery in a specific timeframe they must withdraw to their own wallet first.
8. Frequent Withdrawals
1. Frequent Withdrawals are defined as withdrawals which are being made frequently and possibly also in conjunction with deposits with no 'buying' or 'selling' activity.
2. Withdrawals in Crypto Currency come with a cost which can be covered by Solidi with our Free Withdrawal service, but if in our opinion your withdrawals are of a level which we find unsustainable we may start applying a charge equivalent to the network fee to your account to cover the costs of the withdrawals, even if you opt to use the Free Withdrawal service.
9. Spam Withdrawals
1. Spam Withdrawals are defined as withdrawals which in the opinions of Solidi have no useful purpose and were only conducted to increase the costs of Solidi.
2. Examples of spam withdrawals include but are in no way limited to:
1. Multiple small withdrawals made in a short period.
2. Withdrawals made to your own Solidi address.
3. Multiple withdrawals to the same address in a short period.
3. When Solidi detects spam withdrawals we may at our sole discretion refuse to process the withdrawals.
1. In such circumstances your account would be locked from withdrawal pending investigation.
2. Following completion of the investigation we may do one of the below. This is not an ordered list and account closer may be the outcome of a first investigation and no prior warnings.
- Nothing, simply re-enable the account.
- Issue a polite reminder regarding these terms.
- Issue a final warning.
- Close the account in question.
3. A charge set out in the FEES section may be levied to the account.
1. The Digital Currency side of trades has a flat 1% fee paid for by the Solidi brokers.
2. Depositing Digital Currency to Solidi may require the payment of a fee broadly calculated equivalent to the cost of spending the UTXO generated by the deposit as the time of the deposit.
3. Withdrawing Digital Currency from Solidi may require the payment of a fee broadly equivalent to the cost of the destination address used in the transaction plus the cost of the change address split by the total number of destination addresses in the transaction.
4. Solidi may calculate fees outlined in points .2 and .3 above based on the average of the previous day / weeks fees, rounded to an appropriate number of decimal places for presentation (e.g. 0.001 rather than 0.00112919) to enable fees to be displayed to the user before a deposit or withdrawal takes place.
5. Solidi may from time to time offer fee free periods. Doing so does not invalidate our fee structure which may be re-introduced without notice.
6. Solidi may at its discretion charge a fee for the involvement of our support team to correct problems with orders. Such a fee will be levied at Ј15 per incident and is intended to discourage careless mistakes in orders to enable our support team to concentrate their time on productive tasks and is not intended as a profit making endeavour.
12. Blockchain Forks
The purpose of this section is to protect Solidi from the costs of supporting a blockchain fork.
1. All funds on Solidi are held as IOU's on the specific blockchain of depositied funds. An IOU for 1 BTC will result in the payment of 1 BTC at a future point.
2. Solidi has no obligation to support the currency resulting from a blockchain fork. Solidi's default position is that we will not support a currency resulting from a blockchain fork.
3. Solidi will endevour, but is not obliged, to warn users of future blockchain forks including our position on such forks to give customers sufficient time to withdraw your funds.
4. Before, during and following a blockchain fork, Solidi may at its discretion, turn off withdrawals and deposits from some or all currencies. We will endevour to provide warning of such events.
5. In the event Solidi decides to implement support there is no guarantee of the timeframe to implement such support.
6. Solidi may pass the costs of supporting a new blockchain onto the holders of funds on the new blockchain at the point of the fork. Fees will be applied at an exchange rate determined at the point the support is activated. In this event the costs shall not exceed 25% of the funds stored on the new blockchain or Ј10,000 (which ever is lower).
1. Users should attempt to resolve any disputes quickly and promptly by informing the support team of Solidi P2P of the dispute.
2. Users agree to provide all information or documents reasonably requested to aid in the resolution of the dispute.
3. If the Users involved in the dispute cannot resolve their dispute then Solidi P2P will act as an arbitrator to settle the dispute and release any escrowed currency to the appropriate party. Our decision on this matter will be final and we will not enter into further correspondence once this stage has been reached.
4. During mediation or arbitration trading accounts may be placed on hold.
5. Disputes which are not resolved amicably and lead to arbitration may lead to suspension and ultimately termination of User accounts.
v1.06 Dec 2017